STGT 1Q22 Earnings Drop 90% as Selling Price Falls Drastically

Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
1,052.17 10,051.57
Earning Per Share
0.3700 3.5200
% Change -89.53

STGT reported a net profit of THB 1,052 million in 1Q22, decreased 89.53% from a net profit of THB 10,051 million in 1Q21. The decrease was mainly due to a supply increase in the market that led to lower selling price.

In 1Q22, the company had revenue of THB 7,118.5 million, decreased 53.9% YoY and 14.1% QoQ because of a decrease in average selling price (ASP) that went down 61.3% YoY and 17.7% QoQ to THB 890 (USD 27.1) per 1,000 pieces as a result of additional supply in the market. However, sales volume grew 17.8% YoY and 4.0% QoQ to 7,905 million pieces as demand remained robust and STGT expanded into new markets.